Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report)'s stock price was down 1.2% during mid-day trading on Monday . The stock traded as low as $16.61 and last traded at $16.95. Approximately 17,252,046 shares traded hands during trading, a decline of 72% from the average daily volume of 60,836,763 shares. The stock had previously closed at $17.16.
Wall Street Analysts Forecast Growth
Several equities research analysts recently weighed in on RGTI shares. Benchmark reissued a "buy" rating and set a $14.00 price objective on shares of Rigetti Computing in a report on Thursday, May 15th. Industrial Alliance Securities set a $18.00 price objective on Rigetti Computing in a report on Wednesday, July 16th. Alliance Global Partners reissued a "buy" rating on shares of Rigetti Computing in a report on Wednesday, July 16th. Cantor Fitzgerald assumed coverage on Rigetti Computing in a research note on Wednesday, July 2nd. They issued an "overweight" rating and a $15.00 target price on the stock. Finally, Needham & Company LLC decreased their price target on Rigetti Computing from $17.00 to $15.00 and set a "buy" rating for the company in a research report on Wednesday, May 14th. Six research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock presently has a consensus rating of "Buy" and a consensus price target of $14.83.
Read Our Latest Stock Analysis on RGTI
Rigetti Computing Price Performance
The stock has a market capitalization of $4.67 billion, a P/E ratio of -22.97 and a beta of 1.43. The company has a 50 day simple moving average of $12.43 and a 200-day simple moving average of $11.01.
Insider Buying and Selling at Rigetti Computing
In related news, Director Michael S. Clifton sold 25,000 shares of the company's stock in a transaction that occurred on Wednesday, July 16th. The stock was sold at an average price of $15.00, for a total value of $375,000.00. Following the sale, the director owned 853,766 shares in the company, valued at $12,806,490. This represents a 2.84% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Ray O. Johnson sold 40,420 shares of the firm's stock in a transaction on Wednesday, July 16th. The shares were sold at an average price of $15.00, for a total value of $606,300.00. Following the transaction, the director owned 419,756 shares of the company's stock, valued at $6,296,340. The trade was a 8.78% decrease in their ownership of the stock. The disclosure for this sale can be found here.
Institutional Inflows and Outflows
Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. lifted its holdings in shares of Rigetti Computing by 81.7% in the 4th quarter. Vanguard Group Inc. now owns 11,746,361 shares of the company's stock worth $179,249,000 after buying an additional 5,280,128 shares during the period. Invesco Ltd. lifted its stake in Rigetti Computing by 7,367.2% in the fourth quarter. Invesco Ltd. now owns 4,580,317 shares of the company's stock worth $69,896,000 after acquiring an additional 4,518,978 shares during the period. UNICOM Systems Inc. increased its position in Rigetti Computing by 1,235.8% during the 1st quarter. UNICOM Systems Inc. now owns 3,806,935 shares of the company's stock valued at $30,151,000 after purchasing an additional 3,521,935 shares during the period. JPMorgan Chase & Co. lifted its position in shares of Rigetti Computing by 3,295.7% in the 4th quarter. JPMorgan Chase & Co. now owns 2,117,563 shares of the company's stock worth $32,314,000 after purchasing an additional 2,055,203 shares during the period. Finally, Nuveen LLC bought a new position in shares of Rigetti Computing during the first quarter valued at approximately $6,523,000. Institutional investors own 35.38% of the company's stock.
About Rigetti Computing
(
Get Free Report)
Rigetti Computing, Inc, through its subsidiaries, builds quantum computers and the superconducting quantum processors. The company offers cloud in a form of quantum processing unit, such as 9-qubit chip and Ankaa-2 system under the Novera brand name; and sells access to its quantum computers through quantum computing as a service.
Further Reading
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